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Popular FAQs

How quickly can finance be arranged?

On average, we complete the process within 5 working days, which is probably the fastest on-boarding process in Australia, for invoice finance.Our application process is designed to be simple and hassle free, which allows us to work with you to meet your timescales, provided that the information we require is supplied promptly.

What is the insurance for?

Our Credit protection is a flexible and cost-effective alternative to trade credit insurance. It means that if a credit protected invoice turns into a bad debt or the customer becomes insolvent, your business will remain protected.

Why can’t I get an online quotation?

Quite simply, we don’t wish to give you an inaccurate figure. Due to the complexity of the service nature, we need to understand the nature of your business, your customer base and precisely your business objectives.

Is it possible to pick & choose which invoices are used for finance?

Absolutely. We offer a flexible facility which does not commit you to use all your invoices for financing.

What are your setup costs?

There is no setup or joining fees. Our fee structure is simple and transparent, with no hidden penalties or charges.

Invoices that are incorrect, incomplete or unclear are always returned and unfortunately will remain unpaid until clarification is provided to your customers. These are the most common reasons for delays in payments.
Below are 8 simple rules to adhere to before you issue your next invoice that will help streamline the process.

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FAQs

How quickly can finance be arranged?

On average, we complete the process within 5 working days, which is probably the fastest on-boarding process in Australia, for invoice finance.Our application process is designed to be simple and hassle free, which allows us to work with you to meet your timescales, provided that the information we require is supplied promptly.

Who qualifies?

Earlypay is suitable for all kinds of businesses with limited fixed assets, restricted liquidity or slow paying debtors.

Most businesses are suitable for earlypay invoice finance if they provide business-to-business sales on credit terms. All eligible invoices must be for goods and services that have been delivered in full to domestic customers.

Invoices to private (non-business) customers, or invoices on non-credit (for example, COD) terms are not eligible for earlypay.

How soon after sending my invoice can I access funds?

Typically, funds can be made available within 24 hours of an invoice being received and sometimes, same day payments.

Do you credit check my customers?

Earlypay will conduct credit checks as part of the onboarding process, in order to apply for ‘credit protection’ for each of your customers.

What is the insurance for?

Our Credit protection is a flexible and cost-effective alternative to trade credit insurance. It means that if a credit protected invoice turns into a bad debt or the customer becomes insolvent, your business will remain protected.

Will I lose any control in the way I deal with my customers?

We value your customer as much as we value your business. Making it more difficult for you to deal with your customers is not in our best interests.

By providing fast & flexible cash flow, saving you the time you spend chasing payment, reducing the risks of non-payment and providing readily available online information, we endeavour to give you more control, not less.

I’m already factoring with another company, is it easy to switch?

Over the many years we've been in business, we have switched many, many clients who were using alternative providers. We will liaise with your existing provider to ensure that the change is simple, seamless to your operations and pain-free.

Do I have to use your credit terms with my customers?

No, as long as the credit terms that you have agreed with your customers are 'reasonable' for the market in which you are operating, then your existing agreement would continue.

What percentage of my invoices will you release for pre-payment?

As each facility is individual the pre-payment percentage will vary, but it is usually up to 80%. We will advise you of the percentage before you start using our services. The other 20% of your customer payments are released once they settle the invoice.

Why can’t I get an online quotation?

Quite simply, we don’t wish to give you an inaccurate figure. Due to the complexity of the service nature, we need to understand the nature of your business, your customer base and precisely your business objectives.

Why pick earlypay over an overdraft or bank loan?

Invoice finance is a flexible facility which grows in line with your business, unlike traditional facilities such as loans and overdrafts which are typically reviewed annually. When you look closely at costs, invoice finance can compare favourably with overdrafts and the other 'hidden' costs of undertaking key activities yourself. Loans and overdrafts will not usually match the amount of funds available through invoice finance - and they will often require you to offer additional forms of security.

How professional and robust is your credit control process?

Earlypay provides an ISO accredited credit control service that becomes an extension of your business team, who understands the need to collect in your debts whilst also protecting your customer relationship. Also, our service proposition includes monthly statements, automatic chasing letters and telephone chasing throughout the month on all your customers. This will allow your business to save on people costs and other costly overheads such as postage, stationery and telephone calls.

Our professional credit control service will assist your business in receivables administration without undermining your hard-won customer relationships, but instead in a manner that supports good customer relations, while helping to ensure that you are paid promptly.

Is it possible to pick & choose which invoices are used for finance?

Absolutely. We offer a flexible facility which does not commit you to use all your invoices for financing.

What are your setup costs?

There is no setup or joining fees. Our fee structure is simple and transparent, with no hidden penalties or charges.

What if an invoice is disputed?

If advised of a dispute during the normal course of credit control activity we will usually place the account in query for 48 hours prior to withdrawing the funding, giving you the chance to resolve the issue without affecting your cashflow.

What if my customer does not pay?

There are usually two reasons a customer does not pay. The first is because the business becomes insolvent. In this instance, our credit insurance protects our business and yours from loss.

The second reason is generally because of a dispute over the product or service. That being the case, the responsibility falls to you. If payment is not forthcoming we will ask you to provide us with an exchange invoice or will be removed from your reserves.

Is Earlypay for businesses in financial trouble?

It’s a common misconception that mainly companies in financial trouble use Invoice Factoring. While Invoice Factoring can be of great help when you find yourself in a pickle, it’s not the right solution for companies in deep financial trouble. The reality is quite the opposite.

Earlypay’s facility excels when it is used as a proper financial tool to support company growth and expansion.If selling your invoices will increase your business by increasing your production capability or creating more sales, you are probably using earlypay for the right reasons.

What will my customers think?

Your customers will most likely be already familiar with the benefits of debtor finance, as it is the fastest growing form of commercial finance throughout Australia. It is used predominantly by growing businesses and as such it is beginning to be recognised as a sign of successful trading.

Note: the results from this calculator should be used as an indication only. It is neither a quote or pre-qualification for a loan. If you're interested in receiving an accurate quote, send us your details and a specialist Invoice Finance manager will be in touch to discuss.